Higher output may drag Aluminium down

Global aluminum output rose to a record 112,500 metric tonnes a day last month, the International Aluminium Institute said.

Daily output was 110,900 tonnes in March. The average in January to April this year was 110,600 tons a day, compared with 95,200 tonnes a year earlier.

Aluminium has touched a low of Rs 95.25 a kg after opening at Rs 95.25, and last traded at Rs96.

For today market is looking for the support at 95.5, a break below could see a test of 94.9 and where as resistance is now likely to be seen at 96.4, a move above could see prices testing 96.7.

Trading Ideas:

Aluminium trading range is 94.9-96.7.

Aluminum output climbed to record in April

Support for aluminium is at 94.90 and resistance is at 96.70 level.

Aluminium weekly stock at Shanghai exchange came up by 11201 tonnes.

BUY ALUMINIUM MAY AT 95 SL 94 TGT 96.20-97.80.MCX

Courtesy: Kedia Commodities